South Africa's MTN and its shareholders can buy 36 percent in Bharti Airtel via global depositary
receipts (GDRs) without triggering a mandatory open offer, the Indian capital market regulator
said.
MTN and Bharti are in exclusive talks over a complex deal that could lead to a full merger,
creating the world's No. 3 wireless group with more than 200 million subscribers and combined
revenue of $20 billion.
Bharti had sought clarifications from the regulator on Indian takeover rules that require an
acquirer of 15 percent equity stake or more to make an open offer for another 20 percent from
other shareholders.
source :
http://in.news.yahoo.com/137/20090707/744/tbs-mtn-need-not-make-open-offer-for-bha.html
receipts (GDRs) without triggering a mandatory open offer, the Indian capital market regulator
said.
MTN and Bharti are in exclusive talks over a complex deal that could lead to a full merger,
creating the world's No. 3 wireless group with more than 200 million subscribers and combined
revenue of $20 billion.
Bharti had sought clarifications from the regulator on Indian takeover rules that require an
acquirer of 15 percent equity stake or more to make an open offer for another 20 percent from
other shareholders.
source :
http://in.news.yahoo.com/137/20090707/744/tbs-mtn-need-not-make-open-offer-for-bha.html
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